Virgin have lost in it's bid to secure its rail franchise held since 1997 on the West coast of the UK.
Sir Richard Branson is reported to have said that it is 'very disappointing' news. Sir Richard Branson went on to say:
"We did not want to risk letting everybody down with almost certain bankruptcy at some time during the franchise, as happened to GNER and National Express who overbid on the East Coast mainline".
First Group who already run limited services on the West coast pipped Virgin to control the franchise saying it would, "offer substantial improvements in the quality and frequency of services". First Group payments will begin at £26m in the year ending March 2014 rising to £739m in the year ending March 2026.
